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Regional Economic Impacts of Casino Development

This presentation by Mike Fitzgerald explores the economic effects of casino development, discussing advantages like job creation and tax revenue, as well as disadvantages such as gambling addiction and fiscal expenditures. It covers policy considerations, variables, methodology, and offers a model demonstration. The conclusions highlight the diverse impacts casinos can have on different regions based on various factors.

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Regional Economic Impacts of Casino Development

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  1. Regional Economic Impacts of Casino Development Presented by: Mike Fitzgerald

  2. Contents • Casinos: advantages/disadvantages • Considerations • Choosing Policy Variables • Methodology • Model Demonstration • Conclusion

  3. Casinos: Advantages • Large construction spending • New employment • Fiscal tax revenues: personal income, corporate, etc. • New alternative spending for visitors • More choices for residents

  4. Casinos: Disadvantages • Fiscal expenditures • Gambling addiction • Cost of possible crime • Dependence on “luxury” industry • Spending reallocation • Regressive

  5. Considerations • Large business development • Industries making up the development • Competition/displacement • Government incentives and spending • Fiscal feasibility • Other socioeconomic effects • New infrastructure

  6. Possible Policy Variables • Non-pecuniary aspects • Translator variables • Transfer payments • Consumer reallocation • Consumer spending • Compensation • Exogenous Final Demand: Construction • Firm/Industry Sales/Employment • Production Costs • Government spending

  7. Structural Model

  8. Methodology • Exogenous Final Demand: Construction • Exogenous Sales/Firm Employment: Amusement, gambling, and recreation • Production Costs • Local Government Spending

  9. Model Demonstration • Inputs • Choose variables • Choose values • Run model • Results • Employment: by demand source • Fiscal revenue/expenditure drivers

  10. Conclusion • Many different variables and considerations • Casinos affect regions differently • relatives measures • industrial makeup of the region • consumer behavior in regions

  11. Contact Us www.remi.com info@remi.com Headquarters: 433 West Street, Suite 4 Amherst, MA 01002 TEL: 413.549.1169 FAX: 413.549.1038 District Office: 700 12th St. NW, Suite 700 Washington, DC 20005 TEL: 202.904.2490

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